Labor will try to up the ante over economic engagement with Asia with the announcement later this week of a new strategy, to substantially deepen economic, political and cultural ties with the region.

Shadow treasurer Chris Bowen will use a speech to the Asia Society to outline a comprehensive Asia engagement strategy which, Labor says, "will allow a future Labor government to develop policy for the region that meets clear objectives, rather than ad-hoc and inconsistent approaches".

When Labor was last in government, prime minister Julia Gillard outlined a comprehensive policy approach after commissioning the Australia in the Asia Century White Paper.

This spoke abut the need to diversify away from commodities and tap into the burgeoning services sector driven by the rising middle class in the region.

The incoming Abbott government adopted the strategy and then embellished it with the New Columbo Plan designed to further education and people-to-people ties.

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Mr Abbott's government also concluded trade deals with Japan, China and South Korea, beefed up the deal with Singapore and reactivated stalled talks with Indonesia. The Turnbull government is pushing for some sort of economic arrangement with India.

On Friday, Labor will try to go further when Mr Bowen speaks to the Asia Society.